adjusting entries, adjusted trial balance, and financial statements records prepaid expenses and unearned revenues in balance sheet accounts Its unadjusted trial balance as of December 31 follows along with descriptions of items a through hthat require adjusting entries on December 31 Additional Information Items An analysis of Name insurance policies shows that $3,732 of coverage has expired An inventory count shows that teaching supplies costing $3,235 are available at year end Annual depreciation on the equipment is $14,929 Annual depreciation on the professional library is $7,464 On September 1, name agreed to do five courses for a client for $2,400 each Two courses will start immediately and finish before the end of the year Three courses will not begin until next year The client paid $12,000 cash in advance for all five courses on September 1, and Name credited Unearned Training Fees On October 15, Name agreed to teach a four month class (beginning immediately) for an executive with payment due at the end of the class At December 31, $12,350 of the tuition has been earned by Name Name's two employees are paid weekly As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee The balance in the Prepaid Rent account represents rent for December Unadjusted Trial Balance December 31Debit Cash $27,698 Accounts receivable0 Teaching supplies10,652 Prepaid insurance15,981 Prepaid rent2,132 Professional library31,958 Accumulated depreciationProfessional library$9,589 Equipment104,000Accumulated depreciationEquipment17,046 Accounts payable26,000 Salaries payable0 Unearned training fees12,000 Common stock31,267 Retained earnings78,000 Dividends42,613 Tuition fees earned108,661 Training fees earned40,482 Depreciation expenseProfessional library0 Depreciation expenseEquipment0 Salaries expense51,136 Insurance expense0 Rent expense23,452 Teaching supplies expense0 Advertising expense7,457 Utilities expense5,966 Totals$323,045$323,045 the necessary adjusting journal entries for items a through h Assume that adjusting entries are made only at year end 2 a the balance from the unadjusted trial balance and the adjusting entries in to the T accounts 2 b an adjusted trial balance 3 a income statement for the year 3 b statement of retained earnings for the year The Retained Earnings account balance was $78,000 on December 31 of the prior year 3 c balance sheet as of December 31

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adjusting entries, adjusted trial balance, and financial statements records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December

adjusting entries, adjusted trial balance, and financial statements

records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through hthat require adjusting entries on December 31.

Additional Information Items

An analysis of Name insurance policies shows that $3,732 of coverage has expired.
An inventory count shows that teaching supplies costing $3,235 are available at year-end.
Annual depreciation on the equipment is $14,929.
Annual depreciation on the professional library is $7,464.
On September 1, name agreed to do five courses for a client for $2,400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five courses on September 1, and Name credited Unearned Training Fees.
On October 15, Name agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $12,350 of the tuition has been earned by Name .
Name's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
The balance in the Prepaid Rent account represents rent for December.